Life Insurance Policy BeneficiariesLife insurance is a popular method of providing much-needed funds to a beneficiary at your death. It is also a low-cost way to provide a large benefit for someone in need. Life insurance proceeds are almost always income tax–free to the beneficiary. The beneficiary designation in your life insurance policy determines where the proceeds will be distributed. The death proceeds, therefore, are not typically transferred through your will. Life insurance can be distributed to a charitable organization such as Willamette University, if we are named as a beneficiary of the policy at the time of your death.
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Contact your insurance company for its change of beneficiary form for the life insurance policy. If you would like to name Willamette as a beneficiary, simply decide what percentage of the policy's value (0–100 percent) you would like us to receive and name us, along with the stated percentage, on the beneficiary form. Then return the form to your insurance company.
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Please consult an estate planning attorney before deciding who will get what in your estate plan. We can also help you learn more about arranging a gift that will make a lasting impact at Willamette University. Contact Lori L. Hoby at (866) 204-8102 or firstname.lastname@example.org.